"The economic definition of money is: A. A good that has intrinsic value. B. Anything of value owned by a person or a firm. C. Anything authorized by the government to be used in an exchange. D. Any asset that people are generally willing to accept in exchange for goods and services."

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.